The Ngamia 1 drilling well in Turkana County. Photo/ FILE |
October 28, 2013 (AOI–TSXV, AOI–NASDAQ OMX First North) …
Africa Oil Corp. (“Africa Oil”
or the “Company”) announces that the Company and its operating partner,
Tullow Oil plc (“Tullow” or, together, the “Partnership”), have temporarily
suspended all operations as a precautionary measure in Block 10BB and Block 13T
in Northern Kenya. This decision follows demonstrations by local people
regarding concerns around employment.
Africa Oil and Tullow take their relationship with the local
communities extremely seriously and the decision to suspend exploration and
appraisal operations was taken to prevent further escalation of the
demonstrations while discussions to resolve this issue for the long term are
ongoing.
Africa Oil and Tullow are working closely with the local
communities, the local Government and the national Government so that work can
resume on Blocks 10BB and 13T as soon as possible. The Partnership is fully
committed to utilising as many local workers and local services as possible and
currently employs over 800 people from the Turkana region out of the 1,400
people currently employed on the Partnership’s Kenyan operations.
About Africa Oil
Africa Oil Corp. is a Canadian oil and gas company with assets
in Kenya and Ethiopia as well as Puntland (Somalia) through its 45% equity
interest in Horn Petroleum Corporation. Africa Oil's East African holdings are
within a world-class exploration play fairway with a total gross land package
in this prolific region in excess of 250,000 square kilometers. The East
African Rift Basin system is one of the last of the great rift basins to be
explored. Four new significant discoveries have been announced in the Northern
Kenyan basin in which the Company holds a 50% interest along with operator
Tullow Oil plc. The Company is listed on the TSX Venture Exchange and on First
North at NASDAQ OMX-Stockholm under the symbol "AOI".
Forward Looking Statements
Certain statements made and information contained herein
constitute "forward-looking information" (within the meaning of
applicable Canadian securities legislation). Such statements and information
(together, "forward looking statements") relate to future events or
the Company's future performance, business prospects or opportunities.
Forward-looking statements include, but are not limited to, statements with
respect to estimates of reserves and or resources, future production levels,
future capital expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development activities,
ultimate recovery of reserves or resources and dates by which certain areas
will be explored, developed or reach expected operating capacity, that are
based on forecasts of future results, estimates of amounts not yet determinable
and assumptions of management.
All statements other than statements of historical fact may be
forward-looking statements. Statements concerning proven and probable reserves
and resource estimates may also be deemed to constitute forward-looking
statements and reflect conclusions that are based on certain assumptions that
the reserves and resources can be economically exploited. Any statements that
express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"seek", "anticipate", "plan",
"continue", "estimate", "expect, "may",
"will", "project", "predict",
"potential", "targeting", "intend",
"could", "might", "should", "believe"
and similar expressions) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. The Company believes that the expectations
reflected in those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon. The Company does
not intend, and does not assume any obligation, to update these forward-looking
statements, except as required by applicable laws. These forward-looking
statements involve risks and uncertainties relating to, among other things,
changes in oil prices, results of exploration and development activities, uninsured
risks, regulatory changes, defects in title, availability of materials and
equipment, timeliness of government or other regulatory approvals, actual
performance of facilities, availability of financing on reasonable terms,
availability of third party service providers, equipment and processes relative
to specifications and expectations and unanticipated environmental impacts on
operations. Actual results may differ materially from those expressed or
implied by such forward-looking statements.
ON BEHALF OF THE BOARD
“Keith C. Hill”
President and CEO
Source: www.africaoilcorp.com
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